In a new presentation at the Robin Hood Investors Conference, Geenlight Capital manager David Einhorn focused on the prospects for CONSOL Energy, which he believes is misunderstood by the market. CONSOL’s shares are down nearly 80 percent in the past year, but Einhorn believes that the company is in position to weather the commodities downturn and come out of the cycle smelling like a rose.

Bad Timing

Einhorn started off his presentation by conceding that his timing of market cycles is far from perfect. He began buying CONSOL in the $30s and has bought more all the way down to its current level below $9 per share. He then drew comparisons to his mistiming of the Arkema market cycle back in 2007.

Coal Is Far From Dead

Coal prices have…

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